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II.FINANCIAL ANALYSIS1.Vertical methoda.Balance sheetASSETSCurrent assetsCash and cash equivalentsShortterm investmentsShortterm receivablesInventoriesOther current assetsNoncurrent assetsFixed assetsInvestment propertiesLongterm investmentsTotal assetsLiabilitiesShort term liabilitiesLongterm liabilitiesOwners equityCharter capitalRetained earnings20,701Minority interest14,539Total owners equity and liabilities460,869b.Income statementNet revenueCost of goods soldGross profitFinancial incomeFinancial expensesSelling expensesGeneral and Administrative expensesOperating profitOther profitProfitLoss of investments in associates and joint venturesProfit before taxNet profit after taxProfit after tax for shareholders of the parent companyEarnings per share (VND)CashFlow DirectI. CASH FLOWS FROM OPERATING ACTIVITIES1. Cash receipts from sale of goods, provision of services and other revenue2. Cash paid to suppliers for goods and services3. Cash paid to employees4. Interest paid5. Corporate income tax paid6. Other receipts from operating activities7. Other payments for operating activitiesNet cash flows from operating activitiesII. CASH FLOWS FROM INVESTING ACTIVITIES1. Payment for fixed assets, constructions and other longterm assets2. Receipts from disposal of fixed assets and other longterm assets3. Loans, purchases of other entities debt instruments4. Receipts from loan repayments, sale of other entities debt instruments5. Payments for investment in other entities6. Collections on investment in other entities7. Dividends, interest and profit received8. Other receipts from investing activities9. Other payments for investing activitiesNet cash flows from investing activitiesIII. CASH FLOWS FROM FINANCING ACTIVITIES1. Receipts from equity issue and owners capital contribution2. Payment for share repurchases3. Proceeds from borrowings4. Principal repayments5. Repayment of financial leases6. Dividends paid, profits distributed to owners7. Other receipts from financing activities8. Other payments for financing activitiesNet cash flows from financing activitiesNet cash flows during the periodCash and cash equivalents at beginning of the periodExchange difference due to revaluation of ending balancesCash and cash equivalents at end of the period
CONTENTS I II III INTRODUCTION FINANCIAL ANALYSIS Vertical method a Balance sheet b Income statement c Cash flows statement Financial Statement Ratio a Liquidity b Activity c Profitability d Coverage CONCLUSION I INTRODUCTION AMD Group Investment Joint Stock Company Launched in 2007 ,when Vietnam's economy were trying to get out of the way of small business to advance to the investment activities, production and sales of depth and a larger scale, AMD Group focuses to provide services: training, consultancy, research and management By combining advanced scientific management of the world with the practical conditions in Vietnam, the Group launched the AMD solutions have helped our customers to stand firm and developed in the context of the economy are significant changes and are suffering significant impacts from the financial crisis led to a global recession The growth of customers means that AMD Group confirmed its strong position on the market Our team of young and enthusiastic leadership and group dynamics always grasp investment opportunities, and quickly put AMD Group grown to become a diversified investment group craft projects with large-scale investment and owns the brands reputation in domestic and foreign markets Currently AMD Group focusing on the main areas of activity are: + Consulting - Training - Research + Investment tech + Business facilities equipment and Services Commercial + Education and training + Ecotourism + Mining Guideline for the AMD Group is the application of modern science and technology and advanced management technology to provide customers with innovative products and services, in line with the most effective and lowest cost AMD Group apply sustainable development strategy on the basis of control of resources, proactively for and minimize risks from the system of macro policy and market change, comply with the law and administrative rules to ensure safe development, actively embrace the opportunities of investment In addition, the AMD Group always focuses on the human element, considered as human is the most valuable asset and is the deciding factor for its development The Group constantly recruiting, training staff are qualified, enthusiastic and professional ethics With the commitment to maximize the benefit for the customer, the AMD Group always striven to provide the products or services have the most perfect value for clients, affirms the brand in and outside the country II FINANCIAL ANALYSIS Vertical method a Balance sheet AMD Group Investment Joint Stock Company Common-size Balance sheet for 2014 and 2015 (VND million) ASSETS In 2014 Current assets Cash and cash equivalents Short-term investments Short-term receivables Inventories Other current assets Non-current assets In 2015 214,715 226,624 15,956 23,781 55,867 1,949 120,229 127,492 15,450 70,203 7,214 3,199 246,154 278,800 40,593 4,770 Fixed assets Investment properties Long-term investments Total assets 39,859 84,838 460,869 505,424 Liabilities 125,366 146,386 Short -term liabilities 118,071 139,197 7,295 7,188 Owner's equity 320,964 359,039 Charter capital 300,000 300,000 Retained earnings 20,701 40,442 Minority interest 14,539 Long-term liabilities Total owner's equity and liabilities b 460,869 505,424 Income statement Net revenue Cost of goods sold Gross profit In 2014 477,368 450,785 In 2015 1,030,151 970,733 Financial income Financial expenses Selling expenses General and Administrative expenses Operating profit Other profit Profit/Loss of investments in associates and joint ventures Profit before tax Net profit after tax Profit after tax for shareholders of the parent company Earnings per share (VND) c Cash Flows Statement 26,584 20,974 541 59,418 2,294 437 1,189 492 20,474 25,352 25,944 34,839 1,352 301 26,704 35,140 17,852 25,042 17,423 24,225 CashFlow Direct I CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from sale of goods, provision of services and other revenue Cash paid to suppliers for goods and services Cash paid to employees Interest paid Corporate income tax paid Other receipts from operating activities Other payments for operating activities Net cash flows from operating activities II CASH FLOWS FROM INVESTING ACTIVITIES Payment for fixed assets, constructions and other long-term assets Receipts from disposal of fixed assets and other long-term assets Loans, purchases of other entities' debt instruments Receipts from loan repayments, sale of other entities' debt instruments Payments for investment in other entities Collections on investment in other entities Dividends, interest and profit received In 2015 In 2014 1,238,264 500,057 (1,182,408) (501,621) (11,807) (6,522) (287) (252) (4,698) (6,156) 26,609 352,215 (45,222) (311,077) 20,451 26,644 (1,281) (3,855) 600 (147,060) (265,800) 191,178 210,222 (45,665) (282,188) 31,000 1,908 10,115 Financial Statement Ratio Liquidity: Liquidity measures the ease with which AMD Group Investment jsc can meet their financial obligations with the liquid assets available to them There are some ratio: a Current ratio = This measures short-term debt-paying ability ii Quick or acid-test ratio = This measures immediate short-term liquidity iii Current cash debt coverage = This measures a company’s ability to pay of its current liabilities in a given year from its operations i Liquidity ratio In 2014 In 2015 Current ratio 1.71 1,55 Quick or acid-test ratio 1.59 1,07 Current cash debt coverage 0,21 0,14 Current ratio > so the company is running quite well and can afford to repay the current debts at maturity The curent ratio in 2015 was also lower than 2014 So it can be said that the firm has used lots of capital for long-term investment and can bring more benefits in the future Quick or acid-test ratio is more conservative than the current ratio because it excludes inventories from current assets The ratio derives its name presumably from the fact that assets such as cash and marketable securities are quick sources of cash Inventories generally take time to be converted into cash, and if they have to be sold quickly, the company may have to accept a lower price than book value of these inventories As a result, they are justifiably excluded from assets that are ready sources of immediate cash The current cash debt coverage droped down thought year in the row b Activity: Activity ratios measure a firm's ability to convert different accounts within its balance sheets into cash or sales Activity ratios measure the relative efficiency of a firm based on its use of its assets, leverage or other such balance sheet items and are important in determining whether a company's management is doing a good enough job of generating revenues and cash from its resources i Accounts Receivable turnover = This measures liquidity of receivables • Days of receivable = ii Inventory turnover = This measures liquidity of inventory • Days of inventory = iv Asset turnover = Measures how efficiently assets are used to generate sales Activity ratio 2014 2015 Accounts Receivable turnover 3.97 8,08 Days of receivable 91,94 45,17 Inventory turnover 29,18 13,83 Days of inventory 12,5 26,39 Asset turnover 1.04 2,04 Accounts receivable turnover is an activity ratio that measures how many times a business can turn its accounts receivable into cash during a period In other words, the accounts receivable turnover ratio measures how many times a business can collect its average accounts receivable during the year Account Receivable turnover had the upward trend over years And the day of receivable is droped throught year => This is a good sign for the firm The inventory turnover measure how efficient the company sold out The inventory turnover had the downward trend from 2014 to 2015 It was a negative impact to AMD group The asset turnover ratio is a measure of how efficiency a company’s assets are in generating revenue It measures the amount of VND of revenue generated by VND of the company’s assets This ratio increased from 1.04 in 2014 to 2,04 in 2015 We can use this ratio to compare with other company Profitability Profitability ratios are a class of financial metrics that are used to assess a business's ability to generate earnings compared to its expenses and other relevant costs incurred during a specific period of time Profit margin on sales = Return on assets = Return on equity = EPS = c • i ii iii iv Profitability 2014 2015 Profit margin on sales Return on assets (%) Return on equity (%) EPS 0.056 0.024 9,84 7,12 6,31 5,01 581 807 IV • i ii iii The profitability ratio measures the earning to investors The investors tend to prefer to invest in the company that generates more profitability ratios This ratio is the useful to indicate how efficient the company’s performance The profit margin defines how well the firm generates the profit from net sale And we can see that profit margin on sales is droped from 2014 to 2015 Gross profit of AMD Group went down from 2014 to 2015 The trend of ROA, ROE is very high in 2014 and But they dropped out dramatically in 2015 This stituation was the result of the decreasing in net income It was the good news for stockholders of AMD group that EPS of the company had risen significantly for all years, even the profit in 2015 was quite not good Coverage The coverage ratio is a measure of a company's ability to meet its financial obligations In broad terms, the higher the coverage ratio, the better the ability of the enterprise to fulfill its obligations to its lenders Debt to assets = Debt to assets is a coverage ratio that defines the total amount of debt relative to assets Cash debt coverage = This measures a company’s ability to repay its total liability in given year from its operations Book value per share = This measures the amount each share would receive if the company were liquidated at the amounts reported on the balance sheet Coverage 2014 2015 Debt to assets 0,272 0.289 Cash debt coverage Book value per share 0.21 0.14 NA NA Debt to assets : The higher the ratio, the higher the degree of leverage, and consequently, financial risk We can see that the debt to assets is quite stayable in years Cash debt coverage is a cash-basis ratio used to evaluate solvency The cash debt coverage ratio stood is higher in 2014 than 2015 CONCLUSION Financial Statement analysis and valuation is used to analyze the performance of an enterprise in the past along with the economic and industry situation to measuring the intrinsic value of stock price of that firm and determine how well the firm performance After doing this financial statement forn AMD group investment JSC we will have a clearer view of the financial situation of the company From which to decide whether to invest in the company or not This shows the great importance of the financial statement analysis III Reference sources: http://finance.vietstock.vn/ http://www.investopedia.com/ ...I INTRODUCTION AMD Group Investment Joint Stock Company Launched in 2007 ,when Vietnam''s economy were trying to get out of the way of small business to advance to the investment activities,... Balance sheet AMD Group Investment Joint Stock Company Common-size Balance sheet for 2014 and 2015 (VND million) ASSETS In 2014 Current assets Cash and cash equivalents Short-term investments Short-term... means that AMD Group confirmed its strong position on the market Our team of young and enthusiastic leadership and group dynamics always grasp investment opportunities, and quickly put AMD Group grown